Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has denied reports that the Federal Government plans to introduce a fuel tax once economic conditions improve, insisting that the levy is not currently under consideration.

Oyedele made the clarification in a post on X on Tuesday, accusing reports about the proposed tax of misrepresenting his comments during an interview with ARISE News.

However, during the interview with the broadcaster’s business correspondent, Rotus Odiri, on the sidelines of the 2026 International Monetary Fund and World Bank annual meetings in Bangkok, Thailand, the minister had said fuel taxes could be introduced when the economy stabilised and Nigerians’ income levels improved sufficiently.

He explained that several countries impose multiple taxes on petroleum products, with fuel taxes accounting for between 20 and 80 per cent of pump prices in some jurisdictions.

According to him, many African countries also impose between six and 10 different taxes on fuel products.

Oyedele argued that introducing such a tax while petrol was subsidised would have been counterproductive, as the government would effectively be paying the tax itself.

He also described imposing the levy immediately after the removal of the petrol subsidy as insensitive to Nigerians.

The minister said the government’s priority should be to improve incomes faster than prices rise, rather than attempting to control prices through measures that have proved ineffective.

He maintained that the administration was focused on promoting economic growth, improving living standards and expanding the middle class.

In his subsequent post on X, however, Oyedele described reports that the government intended to introduce a fuel tax after economic stabilisation as fake news, insisting that the proposal was not on the table.

His denial has drawn attention to the difference between his remarks during the interview, which suggested the possibility of future fuel taxation, and his subsequent clarification that no such measure was being considered.